Aston Martin - comment

The profit warning is primarily driven by lower volumes, following a weak Q2 and a significant deceleration in sales in Q3. However, the group ended Q3 with £250m in liquidity, so there is no immediate crisis. We are concerned that guidance for Q4 is also weak, and the group is warning about the difficulty of forecasting volumes into next year, given the ongoing uncertainty in US trade policy. The current issues at JLR should have removed immediate concerns about the cap on automotive exports to the US (at current tariff rates). However, next year, JLR is likely to return to full production, and with the export cap being on a first-come, first-served basis, Aston could face tariff pressure in H2 26. We are reviewing our model and will update you all later this week. Aston Martin reports full Q3 numbers on 29th October 2025.